If you own or have recently inherited vacant land in Illinois and want to sell it, there are specific legal considerations you should keep in mind. In some ways, the process is the same as it is for selling developed property. However, there are unique issues such as zoning and land use that you should keep in mind when selling vacant land in Illinois. A Yorkville, IL real estate attorney can provide legal advice for your vacant land sale. 
Check Zoning Regulations 
The zoning regulations affecting your vacant land will have a significant effect on how the land may be…
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As a business owner, you are busy wearing many hats, from running the day-to-day operations to managing employees to growing the business. That is why you might not have taken the time to consider putting in place an estate plan to protect your assets. However, planning ahead as a business owner can safeguard and strengthen your business. If you want to know more about implementing an estate plan and asset protection strategy as a business owner, a qualified estate planning attorney can provide legal advice on how to best protect your assets.
Why Do Small Businesses Need Asset Protection?
The…
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One of the best ways to protect your and your family’s future is to let your family members know in advance your wishes regarding end-of-life decisions. You can also put in place legal documents that provide authority to other family members to deal with unexpected health issues should they arise.
In Illinois, an Advanced Health directive and a Statutory Power of Attorney for Healthcare can be used to empower another to make health decisions on your behalf in the event you are incapacitated. Although a Statutory Power of Attorney is a type of healthcare directive, there are important differences…
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As our parents age, unique circumstances may require that the family make the difficult decision to sell their home. If your parents are over 60 and they have decided to sell their home, they might turn to you for help. Likewise, in the event your parents are incapacitated, it may fall to a member of the family or to you to sell the home.
There are unique personal, legal, and tax considerations that come into play when selling a home on behalf of a senior parent. An attorney experienced in real estate matters can advise you on some of the…
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Illinois is one of the only twelve states (and D.C.) that have passed a state estate tax, which will be assessed to estates worth over $4 million (in contrast to the Federal estate tax exemption of $13.61 million). When drafting your Illinois estate plan, an attorney well-versed in Illinois estate planning can implement strategies to minimize the state’s estate tax burden.
What Type of Property is Included in an Illinois Estate?
Illinois’ estate tax applies to all Illinois residents and to non-residents who own real property in the state. It includes a comprehensive list of properties such as bank…
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Choosing a trustee to manage your trust and its assets is a crucial step in estate planning. The right trustee will administer the trust appropriately, be responsible when investing the assets, and distribute them to the beneficiaries. He or she will also make smart financial decisions on behalf of the beneficiaries, keep accurate records, and make sure any taxes are filed.
When making this important decision, the grantor — the person who creates the will — should consider appointing his or her adult child as the trustee where appropriate. In the article below we will discuss why adult children…
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Estate planning is an important part of managing your finances. It allows you to protect your assets, ensure the continuity of your estate, and provide for your heirs after you pass away. Healthcare professionals, in particular, face certain unique challenges that can be addressed through estate planning.
However, estate planning is a complex process that requires a vast knowledge of the law and careful attention to detail. An Illinois estate planning attorney is, therefore, a key resource for healthcare professionals who want to prepare their financial affairs for after their passing.
Here are four things healthcare workers should know about…
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First responders regularly face danger. Police officers risk being violently injured, firefighters risk their lives battling flames, and paramedics are often the first on the scene of a terror attack or violent crime. Sometimes, first responders are involved in high-profile incidents that can leave them open to uncomfortable scrutiny or further danger.
One of the legal tools that can offer a degree of protection to first responders is a land trust. This is like other trusts except it is specifically designed for real estate. In this article, we will dive into the specifics of a land trust and how…
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There are several legal tools available when it comes to planning your estate. Some of these tools have complex and strict requirements that can be frustrating for your heirs after your death. This is especially true if your assets go through probate, an often costly and time-consuming process in which the court oversees the execution of your will. These frustrations sometimes lead to bitter estate disputes among beneficiaries.
One of the most popular and powerful estate planning tools is a living trust, which often avoids such disputes. This article will discuss what a living trust is and how it…
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Buying real estate, particularly a home for your family, can be exciting and terrifying, all at the same time. When you have looked long and hard and finally found a home that fits the needs of your family as well as your budget, you may skim over the words “as-is.” In some cases, that may not be a problem, but in others, you could find yourself on the wrong end of months or years of expensive repairs.
If you are looking to buy an Illinois home, it is a good idea to have an experienced real estate attorney by…
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Like other public servants, teachers work incredibly hard to deliver an essential service to society. Without teachers, none of us would even be able to read this blog. Nevertheless, problems with low teacher salaries and retirement benefits doggedly persist, leaving many educators wondering how they can pass financial stability forward to their families after they pass away.
If you are reading this, perhaps you are a teacher with questions about your own future. Or perhaps you are the son or daughter of a teacher, and you are wondering what you can do to help your parents set up their estate …
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If you have family wealth to preserve for future generations, you need a trust. Trusts are far more protective of generational wealth than a will. If you use a will, your only option would be to have each of your children claim their entire inheritance immediately. A trust can preserve the wealth over a long period of time and allow your estate to continue growing in value long after your death. You may want to create multiple types of trusts to serve different purposes. A Yorkville, IL trusts and estates attorney can help you design the right estate plan…
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Real estate investors would be wise to take steps to limit their liability and protect each individual investment property. There are real risks associated with real estate investing, no matter how cautiously you plan your projects and how carefully you select the properties you buy. A single high-dollar lawsuit can collapse a budding real estate empire in the absence of proper legal structuring. One way to limit your risk is to create a series LLC in conjunction with a series of land trusts. Structuring these entities properly can be legally complex, so you must work with an experienced Yorkville, IL…
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